Jeremy Levin, who moved to Israel from the United States 18 months ago to take the helm of Teva Pharmaceuticals, quit his post on Wednesday, sending the company’s stock down more than 7 percent in trading on NASDAQ in early trading.
“Since Levin’s arrival, the board of directors and management saw eye-to-eye in drawing up the strategic plan,” Teva chairman Phillip Frost said in a conference call. Frost, who lives in the United States, is Teva’s largest individual shareholder. “We have decided that it would be better to part ways,” Frost added.
Levin was chosen amid internal controversy to replace former IDF officer Shlomo Yanai, who stepped down after five years in which Teva became a Wall Street star, with its stock reaching $65 a share before dropping after competitors won a lawsuit allowing them to market a generic alternative to Teva’ flagship Copaxone drug.
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